The Sept NYMEX crude oil contract fell $1.44 to settle at $113.01, nearing the lowest low from May 1 and only 50 cents from the 200-day moving average.
This morning oil rose to $113.26 at 11:23 am GMT, hardly a big deal, but reported to be short-covering ahead of the US inventory report today.
Bloomberg says the Energy Dept will likely report a drop in gasoline stockpiles by 2.15 million barrels last week from 209.2 million barrels the week before. “Oil has slipped 23%from a record $147.27 on July 11. Prices are still 58% higher than a year earlier.”
bye for Now
Barbara Rockefeller
Buy Euros before Ireland Defaults?
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The IMF may well be running Ireland by February, ifthe Irish budget "fails
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In...
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